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KCB Lines up 8 Islamic Banking Branches

26 February 2016, 13:44

Nairobi - Kenya Commercial Bank (KCB) through its Islamic finance arm Sahl Banking has unveiled a new center in Wajir town as part of its expansion plan in Kenya. 

This comes only days after it set up another centre in Nairobi along Kimathi Street. The branches solely offer Sharia-compliant financial products and services.

The bank plans to open at least eight new Islamic banking branches by the end of this year as it deepens its foray into Islamic finance.

KCB Group CEO Joshua Oigara said KCB is committed to tap into the rising demand for Islamic products as well as broaden its financial inclusion to Kenyans who feel left out by the conventional banking system. 

"The move is part of the Bank’s long term vision to expand its presence, and diversify its product offering and innovation to support the Islamic financial needs," he said.

KCB Bank Kenya head of Islamic banking, Mr Jaafar Abdulkadir said the bank is continuously seeking for ways in which it can offer the best services to the customers. 

"Through our e-payments agenda, we hope to increase customer adoption through incorporating digital technology in Sharia Compliant products,” he said. 

According to World Bank, the Islamic finance industry has expanded rapidly over the past decade, growing at 10-12% annually. 

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